Here’s Why Carillon Tower Sold its MoneyGram (MGI) Shares

Carillon Tower Advisers, an investment management firm, published its “Carillon Eagle Small Cap Growth Fund” first quarter 2022 investor letter – a copy of which can be downloaded here. Small-cap stocks overall posted rather lackluster returns in the first quarter of 2022. There was, however, a notable level of disparity between the two style indexes, as the Russell 2000® Growth Index (down 12.63%) significantly lagged its Russell 2000® Value Index (down 2.40%) counterpart for the sixth consecutive quarter.  Try to spend some time taking a look at the fund’s top 5 holdings to be informed about their best picks for 2022.

In its Q1 2022 investor letter, Carillon Eagle Small Cap Growth Fund mentioned MoneyGram International, Inc. (NYSE:MGI) and explained its insights for the company. Founded in 1980, MoneyGram International, Inc. (NYSE:MGI) is a Dallas, Texas-based financial services company with a $962.7 million market capitalization. MoneyGram International, Inc. (NYSE:MGI) delivered a 26.74% return since the beginning of the year, while its 12-month returns are down by -0.79%. The stock closed at $10.00 per share on June 29, 2022.

Here is what Carillon Eagle Small Cap Growth Fund has to say about MoneyGram International, Inc. (NYSE:MGI) in its Q1 2022 investor letter:

MoneyGram International (NYSE:MGI) is a global leader in cross-border, peer-to-peer payments and money transfers. Shares rose dramatically after it was announced the company would be acquired by a private equity firm for a healthy premium. We have since sold the stock.”

Our calculations show that MoneyGram International, Inc. (NYSE:MGI) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. MoneyGram International, Inc. (NYSE:MGI) was in 21 hedge fund portfolios at the end of the first quarter of 2022, compared to 24 funds in the previous quarter. MoneyGram International, Inc. (NYSE:MGI) delivered a -5.93% return in the past 3 months.

In May 2022, we published an article that includes MoneyGram International, Inc. (NYSE:MGI) in 5 Stocks to Invest In Now According to Viraj Mehta’s Arctis Global. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q1 page.

Disclosure: None. This article is originally published at Insider Monkey.